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CNBC
Mar 21, 2013 7:00pm EDT
. by the way, a new plan that works in taxing bank assets and even grabbing some money from the church. how about that. meanwhile, back here at home once again i'm going to stop this nonsense about a new national internet sales tax. my pal grover norquist will help me declare war on it. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank
CNBC
Mar 18, 2013 7:00pm EDT
to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed
CNBC
Mar 19, 2013 7:00pm EDT
." cyprus defiantly and unanimous low votes against a bank at tax plan. now the risks of bank runs and bank collapses mount in this tiny country. we are about to bring you live report from cyprus. but cyprus may have an ace in the hole. it's called russia. the parliament is going hat in hand to russia to save its financial system in return for ownership of its natural gas resources. so do i have this right? the russian money-laundering thugs can save cyprus and maybe europe and maybe the global financial markets as well? it's a very scary thought. however, here at home, american business leaders speaking in one voice in a new campaign to push pro growth corporate tax reform. i like it. the polls show it. there's too much talk about root canal, dent and budge cutting. we need growth, we need optimism. we need "the kudlow report." it begins right now. >>> first up this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here i
CNBC
Mar 14, 2013 7:00pm EDT
. he says he's for corporate tax reform and willing to push fellow democrats on entitlements. is the charm offensive starting to pay off? "the kudlow report" begins right now. first up tonight, a nice 83-point move higher for the dow, makes it ten straight days of gains. we have details of another day of record highs, good evening, ka kayla. >> reporter: jobless claims fell unexpectedly and gave traders more confidence in growth. the dow sitting above 14,500. up 83 points to 14,539. this month the dow has been up nearly every single day. the s & p within four points. all time record closing here. 1,563. on rising rates on treasuries. the highest yield in a year. low by historical standard. 3.248%. and the year on 390-year, up 10% this month alone. lots moving on the mobile front, larry. google will shut down its e-reader and samsung unveiled galaxy 4. blackberry moved on moves of the z-10. closed down just 4%. jcpenney under the microscope. the credit default swaps, those widened dramatically. fears of liquidity crunch hurting the stock, closed the day down more than 1.5%. larry. >>
CNBC
Mar 20, 2013 5:00am EDT
bailout by voting against a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his
CNBC
Mar 15, 2013 1:00pm EDT
will delay the 10k because they are trying to figure out how to cut the tax bill by using prior losses, because guess what, they are profitable today, and that savings would allow them to pay back the treasury over $60 billion and almost what they owe them entirely, and given that i asked former hud secretary martinez if we need to wind down fannie and freddie since they are profitable, and he said we do need to restructure, but something stunning to get the government out of the market, and he said that we need judges out of the foreclosure process. >> i think that the way that the 1,000-day wait for foreclosure is not fair to anybody in the system. i would say that a non-judicial system is the way to go, and the states who have a nonjudicial system have done it much more rapidly and better for the marketplace. so we are helping no one really when we retard the opportunity for a recovery, so in my view, a nonjudicial is the way to go and florida should move in that direction. >> and here in new york and new jersey where judges are a part of the process, it would take decades to
CNBC
Mar 13, 2013 5:00am EDT
% capital gains tax on second houses. >> a great point and one that reminds you of bubbly periods from other markets around the world like the u.s. maybe within the last couple of years and demand is usually a sign that the market is off kilter. thanks very much this morning. >>> and market reaction to that was broadly a sell-off across asia and now turning to russia, president vladimir putin has chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail giant sees shares dip despi
CNBC
Mar 19, 2013 2:00pm EDT
tax. any news that m coulds out of this, the vote that comes out of this, you will hear it first. >> indeed, we will. we were talking about this the nonstick market. what we have up here is a nonstick fry pan. we put in some of the negative things that have been thrown at this market and that amazingly this market has managed to shrug off. okay, yes, we are down the last couple of days but we're still near multi-year highs if not near record highs for those three indices. you could probably see ben bernanke or one of the other bankers shaking that fry pan behind us. let's look at the things that we have inside that fry pan. we have, for example, 7.7% unemployment. we have the flags of the more troubled european nations. for example, greece, spain, cyprus, not to mention $16 trillion plus in debt and all of the stalemates of recent months and the total and utter shrugging off of sequestration. nothing has been sticking to this fry pan. why? bad news equals good news by the boj, you name it, the central bank or maybe we're just so bombarded with you will a of the negative headlines
CNBC
Mar 19, 2013 3:00pm EDT
look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to run higher. >> and don't worry, we will bust his chops a
CNBC
Mar 20, 2013 7:00pm EDT
new tax on the internet. even downloads from ituness, who thinks that is a good idea? not me, here is good news "the kudlow report" begins right now. president obama in israel for the first same in his presidency, securing the relations with the allie in the middle east, here is what he had to say when greeted by benjamin netanyahu. it's in our fundamental security interest to stand with israel. it makes us both stronger and more prosperous and makes the world a better place. >> so question is, what exactly is the president hoping to accomplish in israel. here now we republican former u.s. ambassador and dan senor the coauthor of start up nation. joining me here on set for the hour, ryan grim, huff post washington bureau chief, and tony frato, former white house deputy press secretary. welcome to one and all, if i may go to you first, ambassador, there's all this media chatter that i'm reading today that president obama the not know what he wants to do and he has no agenda. it's said that he was the first u.s. president to visit israel as a tourist. okay, do you feel that obama has no
CNBC
Mar 18, 2013 4:00pm EDT
depositors are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five years ago. our banks are very healthy. t.a.r.p. was a good thing. it protected the financial system and the confidence in the financial system. and our banks are in great shape -- >> they're in the worst shape they've ever been. >> oh, no. >> they're a few interest rate hikes away from insolvency. that's why the fed is keeping rates at zero. >> wait a second. peter, you're saying the banks are a couple interest point ace way from insolvency? >> why to you think when the fed did the stress tests they didn't ask the banks to stress test a collapse in the bond market? they only looked at the stock market or maybe real estate. when interest rates rise substantially, the major banks are going to fail. their ba
CNBC
Mar 13, 2013 2:00pm EDT
proposal. it includes about 1.85 trillion dollars in deficit reduction. half of that from tax increases, half from spending cuts. she has a $100 billion of stimulus put in there. this is while the house republican party is marking up its budget committee resolution. no tax increases. meanwhile the president is meeting behind closing doors now as part of iz his effort to sel his proposal. his own is not coming out until april 8. that is less the point at this stage. all sides are looking at the regular order process as the last potential hope for a grand bargain mixing entitlement cuts and tax increases for this two year congress. mandy? >> thank you very much for that. and in the meantime we will be watching for speaker john boehner later on in the show. we will toss it over to you in vegas and your very special guest. >> thank you very much. we are pleased to be joined by martha stewart, who needs no introduction but i will give one anyway. thank you very much for joining us here. before i get into retail sales, i will ask about the trial. >> the judge has ordered all parties to mediat
CNBC
Mar 18, 2013 3:00pm EDT
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle whit
CNBC
Mar 13, 2013 4:00pm EDT
, using both tax increases and spending cuts. and she said it's up to the american people to pick an approach. >> they will let us know whether they want us to go back down the path of the trickle down policies that decimated the middle class and threw our economy into a tailspin, or if they would prefer the approach we've seen has worked before. tackle our deficit responsibly, reinvest in our middle class, build a strong foundation for growth, and restore the promise. >> but, of course, appealing to public opinion is part of the outside game, and that's only one aspect of this fight. there's also the inside game, because president obama went up to the hill today to continue his outreach to members of congress. he spoke to the house republican caucus. afterwards, speaker john boehner did announce a breakthrough, but he indicated it was a productive meeting. >> today was a good start. and i hope that these kinds of discussions can continue, even though we have very real differences. our job is to find common ground, to do the work the american people sent us here to do. >> so, bill, e
CNBC
Mar 18, 2013 9:00am EDT
route of severe austerity across the country with much higher taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them
CNBC
Mar 13, 2013 6:00pm EDT
matters is tax policy even if taxes were so much higher in the roaring bull market and they were scared of their own shadows and they were hated or shunned by people who talk about it. case in point, retail sales. this morning it came out and they were terrific. you should not be shocked if you watch this show that we had the best retail numbers, hardly a month goes by, and stores are telling me over and over again that the things are very strong and the thesis-mongering bears, and the expiration of the payroll tax holiday is devastating. the sequester is devastating, too. it is true that going over the fiscal cliff could have been horrendous and it destroyed confidence, but it certainly cured that. ever since then, the economy is better than anyone seeps to want to talk about. we hear talk that it isn't. those bears endlessly drumming these negatives into our heads and they're thumb-seeking theorists. they're not schooled in the real world of companies as i am. they don't look bottoms up and talk to the walmarts and the costcos. they look up to down and the bears are wrong. they'll rem
CNBC
Mar 18, 2013 6:00am EDT
bailout deal because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half
CNBC
Mar 19, 2013 9:00am EDT
scheduled in cyprus hours from now and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecti
CNBC
Mar 18, 2013 1:00pm EDT
is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentioned, more than a third among the top russians in cyprus is the fert cider magnet now the biggest shareholder in the bank of cyprus. he has a lot of money in u.s. real estate as well. he brought donald trump's mansion and his daughter bout an apartment in sandy well. and alexander bought avraz steel. the mystery to me is why these wealthy russians kept so much money in cyprus when they knew the banks were in trouble. one reason is that there are fewer choices. if you look around the world, governments arie cracking down n tax evasion and money laundering. they're all complying with global capitalist. even
CNBC
Mar 13, 2013 7:00pm EDT
challenged him on spending, taxes, a balanced budget and even closing the white house to public tours. for more insight on what the someone like we're joined by congress warm candice miller. miss miller, thank you. what was your particular gripe at mr. obama today and how tough of that meeting? >> well, you know, i guess it's his charm offensive and actually i think it's working because i think he's becoming charmed by the house republicans. >> but you went after him. >> i asked him a question that we are just getting bombarded with here on capitol hill. i said mr. president we're all dealing with sequestration, the house members have taken a 5% than 6% and now a 8% cut to our own budgets. we're dealing with the sequester best we can. no one has ever thought or made any mention about closing the capitol or capitol visitor's center or this beautiful house office building you see in the rear. nobody said that. mr. president, if you have to close the white house to tours and you need money take it out of our hide that's exactly what i said to him. i said we don't have to come to the white hou
CNBC
Mar 17, 2013 6:00am EDT
that. again, they're going take a tax hit if they bring it back. one thing, if they do give a big special dividend, then i think you have to say steve jobs has left the building. he's no longer the sort of vision ertha they're trying to play to. they say the steve jobs era is certainly over and they're going to have to give cash back. i think apple has shot too far to the upside. the dividend, it's a wash. it doesn't do anything for you. >> there's enough cash that they could give 20 buck as share in the u.s. without imposing that tax. that's a lot. >> aside from the dividends, there's saut other things that have been suggested, that maybe they put a tender back in 2006. microsoft did a massive tender for shares which basically puts a floor in the stock in the meantime. if you think they're fundamentally challenge, which they may be, if they put it, shareholders know they will come back at that level. so that's one reason why this stock may have found an intermediate return. >> in the meantime, we've got to the picture here. dan is bullish, right? he's buying a calendar call sprea
CNBC
Mar 19, 2013 5:00am EDT
is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of course, because no single party has a clear majo
CNBC
Mar 18, 2013 2:00pm EDT
market, cyprus rocking the world with a surprise new tax. is this smaller country the next big black swan? could this new tax happen right here? we've got all the angles and the story that is shaking investors and a full road map coming up. >>> plus, is the board of one big bank losing faith in its ceo? >>> good, bad, and down right ugly in housing. i cannot do this right now, mandy. >> well, you know what, we are well off the lows of the day, first, the dow was down 109 points earlier on but still possibly the first two-day losing streak for all the major averages in nearly a month. keep in mind though we did have a real good for a while, right? we ended ten positive sessions in a row last week. so some say a pullback was to be expected at some point. classic flight to safety bid. gold is back above 1600 for the first time since late february which is pulling out gold stocks as well. rick santelli is in chicago. bob pisani at the nyse. a lot of people are saying staying the correction was not out of the question and this might be as good a catalyst as any. >> listen, i think it's ou
CNBC
Mar 13, 2013 9:00am EDT
maybe the consumer is not feeling the pinch of higher taxes. meantime, coach popping pre-market on an upgrade from city. as a new report shows that it has been outspending apple in advertising to clench the market share gains it has seen. >> one step closer to getting the 787 back in the skies. the nefaa, a step to ending the two-month long grounding. >> we begin with the markets, by the skin of its teeth, the dow extending the winning streak and posting a record high close for the sixth consecutive day and the s&p closed higher despite hitting fresh five-year highs during yesterday's session. >> the bright spots here is what we saw managed to close higher yesterday were cyclical areas, semiconductors, energy and we had health care participating in that rally and bristol-myers. 11-year highs on that one. >> they screwed up badly and they bought a drug, not unlike glaxo they had, and it was red wine derivative drug and they fell. i will point out that the macarena is central to the thinking. >> really? >> because i went back and looked at this period november 1996 and was astonished
CNBC
Mar 14, 2013 6:00am EDT
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CNBC
Mar 21, 2013 2:00pm EDT
insulted, some of them, at the prospect of taxing any deposits whatsoever. they don't want even the wealthy depositors to be taxed because they see it as an attack on their system here, their business model for the country, which contributes 50% of the gdp. they know there are going to be job losses widespread because they're shrinking the banking sector on purpose. that's really going to hurt here. >> michelle, thank you very much. we'll see you again. great reporting. >>> the trillion-dollar question, folks, is this. is cyprus a potential black swan with huge unforeseen consequences, or just a little island sideshow with no impact on your money? let's ask cio at bmo private bank and steve oth at federated investors. jack, how important is cyprus? >> it is important, brian. this is really the first test of eurozone financial system will. it's finally come down to an insolvency. and the fact that they were willing to impose taxes on deposits really sent shock waves not through -- not just through cyprus and through the eurozone but really through the world. this is really unpreceden
CNBC
Mar 18, 2013 12:00pm EDT
the bulls? streets stung and rallied on a surprise move to tax bank deposits in the small island country? is this the start of a pullback many warned about? our traders this hour. stephanie, what do you think? how are you trading today? >> it depends if this spreads to other countries, that's the big thing. right now, it looks like it's contained. i focus going to areas of the world strong and the u.s. is still strong. housing continues to recover. manufacturing, got good numbers the best since 2011. consumer remains resilient. last friday we got the stress test from the banks. that was pretty impressive. i think those stocks could be poised to pull back, just because they've had such a nice run, those are the areas you want to focus. i also focus on replacement cycle stories, trucks, ah toes, aerospace, rigs. i think there are places you want to buy on weakness and the u.s. is where you want to be. >> mr. new world, are you as sang gin? >> i don't think so. let me go back to last night and what i tweeted out and how you handle this market right now. it is not a binary call you s
CNBC
Mar 17, 2013 8:00pm EDT
to transfer wealth and not have taxes and all of that so there can be a dynasty of all kinds of little buffetts going around for hundreds of years never having to do anything. >> but don't cry for those little buffetts. howard, his brother, peter, and sister, susan, have gotten multimillion-dollar gifts of money and berkshire hathaway stock from their parents. so while he's not on the fortune 500, howard is by any measure a wealthy man. on top the outright gifts, each buffett child is getting $1 billion to go toward their philanthropy. but all that pales next to the $31 billion that's going to the gates foundation. so did you know, as far back as you can remember, that you were not going to inherit his money? >> yeah, yeah. >> you've sort of always known that as you were growing up? >> yeah. and from time to time, that was a little frustrating. >> 'cause you wanted it, or what do you mean? >> well, i just mean, you know, you feel like that there are a lot of things you could do if you had more money. and i think that way even in the foundation. >> but here's the irony. bill gate
CNBC
Mar 14, 2013 6:00pm EDT
dividend paying stocks yield more than treasuries, and the tax treatment remains superior and far more bountiful than bond market, interest payments, cow upons taxed at a much higher income rate and created a very helpful investment climate. no matter what critics say, unless unemployment makes a quantum leap to 6.5%, yes, ben bernanke is the father of the bull market. that is for certain. and the fed has been incredibly important impetus behind the giant move. now, there are tons of pessimists out there who believe that because the fed created this environment, the fed is doomed to destroy it. the moment they take away the punch bowl and start tightening, they believe -- i think that's wrong. and more important, i think you are getting ahead of yourself if that's what are you worried about. and people have been worried for a year now. just because bernanke made the bull market, doesn't mean it's a pitiful helpful orphan, the bull can stand on its own four legs, and even if it wants on its own now, i expect bernanke won't tighten until we are at a place we will be able to stand and it
CNBC
Mar 18, 2013 5:00am EDT
to dow jones, the new proposal will see deposits under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unic
CNBC
Mar 18, 2013 6:00pm EDT
bags. when i asked stewart what was he thinking about cyprus and the atm bank lines and the tax scheme where they essentially bang the depositors for money. they violated the sacrosanct compact, i told them that was meant to protect those deposits. stewart's all about common sense. he didn't think all of that much about the cyprus story. more importantly, he was hoping we wouldn't make too of it on this show because it would blow over since cyprus was a special case which couldn't have been extrapolated and maybe even rally a little. then i went home after having some breakfast and i set out to study the charts and more on this later and settled in for ncaa bracketology while watching the canes play the tar heels. i liked to stay focused on march madness i began to get bombarded by emails from bears worldwide -- [ shots fired ] brown bakers kodiak, even koalas, telling me, this is it, jim, this is the big da ca hunna that i was being way too glib about the confiscation scheme that would rock my world. i knew not to dismiss the darn cyprus situation. i bothered to argue back, sil
CNBC
Mar 21, 2013 3:00pm EDT
originally, why don't you tax depositors. this reduces that. secondly, it also protects everybody under 100,000 euros. everybody in both banks stays protected underneath the insurance threshold. now, who's going to end up getting taxed, levied, taking a haircut, anybody who's got over 100,000 euros in the account. they're going to probably suffer on-paper losses of 30 to 40%, maybe 50%. for that, they'll be given stakes in a new bank, in the new bank that will hopefully over time give them money or the wind-down of the assets of the old bank, the bad bank will pay them off over time. that's the situation. the employees are angry because they're worried they're going to lose their jobs. it's quite possible, because once you have two banks come together, what do you do? you get rid of branches, you have synergies in employment as the institution merges the together. the employees here are very, very angry about what they've heard. >> it's not the family. it's germany and other countries. they are not our friends. >> you want to leave the euro? >> yeah, of course. >> we are angry and
CNBC
Mar 20, 2013 6:00pm EDT
>> washington raised income taxes on the wealthy. >> boo! >> took the marginal rate to the 75% and instituted a 2% payroll tax for social security. their goal? they wanted to start trying to balance the budget because the treasury secretary were worried about the long term deficit? does that sound familiar? the fed tightened rates. doing what all the bears say bernanke should do, betting that inflation could rage and rage easily. if the fed stayed even by which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it was an economic calamity that was totally avoidable and the people in power made different, smarter choices. especially the federal reserve. ben bernanke does not want history to repeat itself. he's not going down the path of what the fed did in 1937. he's not stupid. even though that's exactly the path unfortunately that the president and congress are taking. bernanke recognizes that obama and congress have repeated the errors of 1937 down t
CNBC
Mar 15, 2013 7:00pm EDT
because his polls are way down. in fact he's now talking corporate tax reform. even pushing democrats on entitlement reform or so he says. now i know, i know, my favorite president reagan trust by verify, but i think there's some optimism out there and i'm going to do my best now to persuade my pal, conservative superstar ann coulter. she's the author on set for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i know nothing about it. i just don't think that what's happening in the company justifies it. people don't have any other place to put their money
CNBC
Mar 14, 2013 5:00am EDT
progress in convincing them to accept his demands for tax increases as part of a deficit deal. the senate budget committee began debating its counterproposal to paul ryan's budget. the sausage making process continues in the u.s. and in europe where the european parliament, get this, has stripped down a budget deal reached by eu leaders last month that called for significant changes. mvps did not change the 960 billion euro spending limit, but pressed for the distribution of funds and a mid year review. the european parliament chair called the move an important step for democracy. >> the parliaments want to be taken as a serious partner. we are prepared to negotiate. this is an offer to the council to compromise and improve the framework. >> now, this comes as european union heads of state are kicking off another two-day summit in brussels today. leaders reportedly making plans to loosen the rules which will allow the companies more time to balance their budgets. julia chatterly is live in brussels. julia, germany made a point ahead of this meeting to say even if there's discussion to giv
CNBC
Mar 18, 2013 4:00am EDT
3.9% yield? a heck of a lot better than treasuries after the tax benefits. it's been left behind by the rest of its cohort. i can't believe i'm talking about this one because it's so far behind. i'm talking about one of the great american companies, merck, mrk, the pharmaceuticals giant that's stumbled more times in the last few months than a college kid on st. paddy's day. since early december, the early pharma names have roared. pfizer up 12%, bristol miers up. i'm typical of my eighth anniversary, i somehow got blue ink on my hand. and cell gene jumped 43%. meanwhile, merck has done nothing. it's actually down about 1% over the same period. right now there are reasons merck has underperformed the rest of the ones. in december, the good -- in december, the company got bad clinical trials from a new cholesterol drug that they were working on. and i thought it was going to be a big one, i have to tell you. so merck decided to stop development here in the u.s. and pull the drug overseas where it was already approved. this was one that i thought was just going to be the blockbuster. a
CNBC
Mar 21, 2013 5:00pm EDT
want to tax depositors. they're going to resolve at least one bank. brussels would like them to do two. that means getting rid of bad banks over time. that means losses of employment, uninsured depositors will take very large hits. insured depositors will remain whole and the banking system will stay afloat. this will please the european central bank so that everything can re-open on tuesday, if everything goes according to plan. as long as these guys in the parliament vote on this tomorrow. >> keith, i want ask you this because there are a lot of ifs. is this any better for the stock market tomorrow? >> i think it's a reason to contextualize why you'd sell for crisis reasons all the way up. but trade a 30-point range in the s&p 500 and a tight three-point range in the vix. and on the vix, 11 to 14. i think this crisis situation only insulates that trading range. >> today you saw 10 and a half percent surge. >> we did. it's because of the uncertainty. if we do have some certainty, i think that comes out of it tomorrow. most or all of that 10% pop in the vix comes out of it tomorrow
CNBC
Mar 14, 2013 2:00pm EDT
time. i don't know which ones i will ask. there is the value of the dollar, corporate tax reform. send me a note about what i'm supposed to ask. >> i will. steve and the treasury secretary. all right. you heard martha stewart right here on street signs backing ron johnson's vision for jc penney and now the stock is getting love. and later on, the growing backlash against the tsa's decision to allow knives back on planes. this may just be the dumbest thing the government has ever done and you know as well as i do, folks, that's saying a lot. we're back after this. >> ron johnson is here. i hope he is certainly here to stay. his vision is strategic and good. just got ahead of itself. it takes a while to change an institution. and i think that it all happened a little too quickly is the announcements, the dreams were all expressed a little too quickly. it takes work behind the scenes to make it happen. >> that was part of our interview with martha stewart. it's clear that she firmly believes in jc penney's turn around and she is not alone. saying if ron johnson could pull it off, investor
CNBC
Mar 13, 2013 6:00am EDT
revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to hear. >> there's a good piece in politico. i don't know if you saw it that michael allen wrote that really sort of walks through why the grand bargain may never happen and i think -- i don't know if it's ben's line or whose but no longer a passing
CNBC
Mar 18, 2013 5:00pm EDT
today on this blunder out of cyprus. a sweeping tax on depositors to pay for a bailout? really? markets sold off in asia and in europe as fears escalated on the impact of the debt-ridden countries there. a reminder that europe remains a major issue for the markets and the banking sector. earlier on the show i asked former treasury secretary larry summers about this. >> they've made tremendous progress, and we are long since out of the intensive care unit. >> the bottom line, things will continue to get tougher for the big banks. it is a new normal for financial institutions. but we just don't know what that normal will look like. and as for an excuse to sell the banks, it seems like that is one. take a look at the markets before we go. this day turned out to be a one by the close. we were down 110 points at the worst but then came all the way back, went into positive territory only to lose it again on the close, 62 points on the industrial average. 14,452 last trade on the blue chip. nasdaq and s&p 500 down as you can see there 11.5 and 8.5 respectively. that'll do if for "the
CNBC
Mar 20, 2013 2:00pm EDT
have tax increases that hit in january 1. we have sequestration. so there's a lot of reasons for them to pause going forward around what the numbers might play out for for the balance of the year. so there play be some acknowledgment of that for the balance of 2013. >> jim, what's your answer to that question? if there is a greater optimism about the economy? do you think that that's going to create anxiety, that the fed will start to scale back earlier than expected or is it a good thing when good news -- >> good news is not good news at the initial. there's too many people expecting that they will do nothing. you have to have it so the vast majority of people expect them to do something. >> it might create a sell-off in the market. >> they have to do it right. yeah, it could. >> could i add something. >> very quickly. >> at the end of the day the fed has to acknowledge the economy. it's good but not good enough. there's no way it's good enough for the fed to stop doing what it's doing. >> how good does the fed see the economy? let's find out right now. >> the federal reserve voting
CNBC
Mar 19, 2013 4:00pm EDT
of cyprus a recipe for other economies in terms of that whole business, in terms of taxing depositors, and we know that we continue to have issues in terms of the debt crisis. we are not, necessarily, seeing solutions there. >> i think you see -- if that fear were true, you would see it reflected in the peripheral european countries. i think they mark scyprus as a special case. >> mark, how are you investing at this point? you've got $54 million under management there. you've been bullish. do you want to put new money to work here, even though the market is up 10% year-to-date? >> short answer, yes, maria. the fact of the matter is, we think the fundamental underpinnings, particularly domestically, continue to be encouraging, and we're encouraging investors as a result of some of the volatility we've had in non-u.s. equity markets, to begin the scale-in there as well, because we think valuations are even more attractive. but i do think this cypresicyprg could be a big deal. the precedent it could set relative to marketdowns of small account deposits in other peripheral coun
CNBC
Mar 13, 2013 3:00pm EDT
, how are consumers going to react to increased taxes. so we're really watching out on all these economic numbers for q2. >> you also watch that, but i'm looking up at the transports that are up 102 points. >> 102 points. >> which would confirm the move we're seeing to new all-time highs right now on the dow. >> the only things that concerns me is you're not seeing this explosion in volume at these new highs. now, the s&p hasn't done it yet. maybe if we get through the s&p, all of a sudden there'll be this exposure. you don't feel it yet, but that being said, it's still making a new high, right? >> exactly. >> at least the dow is. s&p is still not. >> if we get a budget agreement, i'm really talking pie in the sky here. but they are talking, at least. if we get a budget agreement, that would have to help the market too, i think. >> and we would probably advise our s&p estimate. >> so what would it take? 10%? you could move it higher. >> exactly. because, ultimately, we'd start seeing the earnings and see the multiple expansions. right now, we're still trading at 15, 16 times forw
CNBC
Mar 13, 2013 1:00pm EDT
rising 1.1%. take a look at what's being taken out of your paycheck with the social security tax increase. it rose from 4.2% to 6.2%. so if you earn $50,000 a year, it costs you $3100. $6200 a year if you make 100 k. $12,400 if you make 200 k. so the numbers really do add up. despite the optimism from that retail sales number, a dough winning streak was in jeopardy. right now the market is still positive but it's only up seven points. still, of course, near that record territory. up 10% so far this year. the s&p right now, last trade is up 1.70%. that's about a tenth of a percent increase. nasdaq is up three points. and gold is trading down $6.30. >> the private equity world has been pretty much offlimits for anyone outside of the 1%. a lot of people eager to get in are now asking this question. is this a club i really want to join? the new developments in private equity. >> the numbers would make you want to say no, you don't want to join this club. but money managers earn a fee for every dollar they invest. the more assets they have, the more they get in fees. now the firms are
CNBC
Mar 21, 2013 5:00am EDT
idea of a depositit tax is coming back to the table. but we know, of course, just how unpopular that was. kelly. >> exactly. we seem to be almost back to where we started. carolin, thank you so much for that. carolin and steven both following these developments for us. >>> let's check on market reaction in asia. there's plenty going on in the world aside from cyprus. li sixuan joins us with the latest. eye, sixuan. >> thank you, kelly. markets in asia ending on a mixed note. there are lingering concerns over cyprus and north korean threats. political uncertainty in australia add add pressure on the markets. the asx 200 closed down 0.2% amid julia gillard's leadership. the main data point today was hsbc china flash pmi data for march, showing a rebound in the country's manufacturing activity. with concern, financial sector risks, housing bubbles and inflation, beijing may need to compromise growth to control medium term risks. the shanghai composite eked out a modest gain of 0.3%. in hong kong, the hang seng ended marginally lower ahead of the more corporate earnings. shares slipped m
CNBC
Mar 19, 2013 1:00pm EDT
revenge. moscow apparently not pleased with the plan to tax the bank accounts over there in cyprus. they are going to take a big hit. what might the russians do in response? you might not want to know. >> now, it was one of the hottest real estate markets in the united states and then one of the coldest. once again, it is hot. there is no room at the end or the condo. sue, doesn't miami sound pretty good right about now? >> it sounds so good right now. it's raining again in new york city. you mentioned at the top of the show, cyprus moving the markets up and down. new headlines from cyprus forced a selloff on wall street. we have recovered some of the those losses. we are still down 39 points, though. parliament is meeting now. bertha coombs is monitoring that from the breaking news desk. hi, bertha. >> they have been in session for about an hour now. they are expected to go at least another hour. here are the headlines as we've had them this morning. they are debating this bailout proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a
CNBC
Mar 20, 2013 9:00am EDT
idea that the lower threshold of 100,000 euros should be taxed? >> listen to the statement out of the european commission. one of the myriad of bureaucrats in brussels. the commission made it clear in the euro group meeting before and they capitalized before, the vote in the cypriot government that an alternative solution would be acceptable and preferably one without a levy on deposits below 100,000. the cypriots did not accept such an alternative scenario and they squarely placed the blame on the guys in the parliament building behind me. so we'll see what happens. the breaking point is at some point we're not going to keep stuffing the atms with money. and they'll have to figure it out and close down some banks, et cetera. >> i respect the detail that you've been through, but this market clearly believes that the deal will get done and the banks will get propped up with international aid. we're up 72 points on the dow. nobody in the market appears to be worried about it and we haven't seen a big move on bonds today. how do you reconcile that with what you're witnessing in nicos
CNBC
Mar 14, 2013 9:00am EDT
. generate all the cash on the side -- >> isn't that how it is already? >> compound tax free offshore, then eventually return. >> you want to see how much they own in real estate, in goal, in forex? >> right. we're going to talk about -- exactly. bridge water -- oh, how is apple doing? >> the analyst out of btig is on the 11:00 hour this morning with us. to his credit he cut the stock when it was $634 last april. missed some of the up side but missed a lot of the downside. he does point out they're probably going to miss. guidance is probably going to miss. management doesn't know what to do with this money. there's products we don't know if they're in the pipeline or if management will even pursue them but he's giving them a huge benefit of the doubt. >> i thought this was one of the most brilliant upgrade i've ever seen. it starts off by basically saying this company is going to blow it. that's why i like it. the reason why i say it is important, this stock has become very psychological. he's basically saying -- he's been at the top before. we know in another bull market he was in t
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